While mutant Toad was attempting suicide, Spider-Man saved him.
After being saved, Toad swore an allegiance to Spider-Man, even staging a mock-fight with someone else against Spider-Man jump in and save him.
In the ensuing chaos, Eugene Patilio known as Frog-Man and Oliver Osnick, known as Spider-Kid came to Parker's aid to prove that they could become Spider-Man's sidekicks. However, the three men saw that they had more in common with each other than with Spider-Man, so they formed a team.
The three men haven't appeared as a team in recent memory, presumably making the team disbanded and defunct.